Global Metal Replacement Market Reaching $275.2 Billion by 2028 Amid Growing Engineering Plastics and Composites Demand

DUBLIN, Jan. 22, 2024 /PRNewswire/ -- The "Global Metal Replacement Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The latest comprehensive research on the global metal replacement market has been added to a prominent market analysis platform, documenting a projected growth trajectory set to revolutionize various industries. The market, with a size valued at US$ 167.8 Billion in 2022, is forecasted to burgeon to an impressive US$ 275.2 Billion by 2028. This represents a compound annual growth rate (CAGR) of 8.59% over the six-year period from 2022-2028.

At the core of this market expansion is the profound shift towards lightweight and versatile materials such as engineering plastics and composites within the aerospace, defense, automotive, and construction sectors. The transformative qualities of metal replacement materials—including polycarbonates, polyamides, thermoplastic polyester, and fluoropolymers—such as their robustness, cost-effectiveness, and superior insulation properties have pivoted them as the materials of the future.

The utilization of these advanced materials is deeply entrenched in the myriad of benefits they confer, including corrosion and chemical resistance, ease of manufacturing, and the ability to be molded into complex shapes for sophisticated applications.

With advancements in material science propelling the metal replacement sphere, significant market segmentation has been identified. The research classifies the market into two broad types: Engineering Plastics, further divided into Polyamide, Acrylonitrile Butadiene Styrene (ABS), Thermoplastic Polyesters, Polycarbonates; and Composites, sub-segmented into Glass Fiber Reinforced Plastic and Carbon Fiber Reinforced Plastic. This segmentation sheds light on end-use industry verticals reaping the benefits of metal replacement, including automotive, aerospace, defense, and healthcare.

Moreover, the research breaks down regional contributions and highlights notable growth in North America, the Asia-Pacific region, Europe, Latin America, and the Middle East and Africa. The data illustrates how regional development, spearheaded by countries like the United States, Canada, China, and Germany, is propelling market dynamics.

Market Competitive Landscape

The research provides an extensive analysis of the competitive landscape, encapsulating pivotal market players who are shaping the industry's progression. With key insights into company strategies and operational capacities, the report carves out actionable intelligence for stakeholders invested in analyzing the market's evolving nature.

As the global metal replacement market marches forward, its impact on sustainability efforts, cost reduction and overall innovation within the manufacturing sector is becoming increasingly evident. The findings gleaned from this research are instrumental for businesses strategizing to leverage the booming market for metal replacement materials and fortify their industrial applications against the backdrop of this evolving landscape.

The invaluable insights and forecasts provided in this comprehensive market analysis underscore the pivotal role of metal replacement materials in shaping the future across a spectrum of industries. For those seeking to understand the depths of this market's potential, the report serves as an essential resource guiding strategic decision-making processes.

Key Questions Answered in This Report

• What was the size of the global metal replacement market in 2022?
• What is the expected growth rate of the global metal replacement market during 2023-2028?
• What are the key factors driving the global metal replacement market?
• What has been the impact of COVID-19 on the global metal replacement market?
• What is the breakup of the global metal replacement market based on the type?
• What is the breakup of the global metal replacement market based on the end use industry?
• What are the key regions in the global metal replacement market?
• Who are the key players/companies in the global metal replacement market?

Industry Trends 

• Engineering Plastics and Composites Spearheading the Market
• Accelerated Growth in Aerospace and Automotive Applications Escalates Demand
• Technological Advancements in Polyphenylsulfone Fueling Adoption for Medical Uses
• Diverse Applications in Construction Amplifying Market Expansion

Competitive Landscape

• A.K. Industries Inc.
• Asahi Kasei Corporation
• Aztec Plastic Company
• BASF SE
• Celanese Corporation
• China Jushi Co.Ltd.
• DOMO Chemicals GmbH
• DuPont de Nemours Inc.
• SGL Carbon SE
• Solvay S.A.
• Toray Industries Inc.
• Victrex plc

Key Market Segmentation

Breakup by Type:

• Engineering Plastics
• Polyamide
• Acrylonitrile Butadiene Styrene (ABS)
• Thermoplastic Polyesters
• Polycarbonates
• Composites
• Glass Fiber Reinforced Plastic
• Carbon Fiber Reinforced Plastic

Breakup by End Use Industry:

• Automotive
• Aerospace and Defense
• Construction
• Packaging
• Consumer Goods
• Healthcare
• Transportation

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/9ftyfr

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets